STOCKS IN NEWS 

MARKET MOVERS

Buybacks

Alphabet announced a share repurchase programme of $70 billion.

A stock repurchase authorization of up to an extra $70 billion of Alphabet’s Class A and Class C shares was announced (NASDAQ:GOOGL).

$10 billion in stock buybacks are authorised by Honeywell.

 Honeywell International (NASDAQ:HON) said that its Board of Directors had approved the acquisition of up to $10.0 billion of the company’s common shares, which included the remaining $2.1 billion under the previously disclosed $10.0 billion authorization.

Synchrony Financial (NYSE:SYF):- The additional share repurchase programme from Synchrony Financial (NYSE:SYF) will last up to $1.0 billion through June 30, 2024, increasing the total authorised share repurchases to around $1.3 billion.

The business also announced that starting in Q3/23, it would boost the quarterly cash dividend from $0.23 to $0.25 per share of common stock.

PulteGroup (NYSE:PHM) The company’s share repurchase authorization has been increased by $1.0 billion by PulteGroup (NYSE:PHM), bringing the total to $1.2 billion.

Major insider deals

Carrier Global (NYSE:CARR):- Viessmann Climate Solutions will be acquired by Carrier Global (NYSE:CARR) for €12 billion in cash and shares, with the equity being issued directly to Viessmann Group under a long-term ownership commitment.

First Republic Bank may land a rescue agreement.

Several banks are reportedly bidding for First Republic, including Citizens Financial (NYSE:CFG), PNC Financial (NYSE:PNC), and JPMorgan Chase (NYSE:JPM), according to Reuters’ sources. According to individuals who spoke to Reuters, the Federal Deposit Insurance Company is managing the bidding process, and a decision should be made by Sunday night.

Activision Blizzard (NASDAQ:ATVI After the UK’s Competition and Markets Authority (CMA) issued a decision blocking Microsoft’s (NASDAQ:MSFT) $68.7 billion pending acquisition of Activision Blizzard, the company’s shares fell more than 11% on Wednesday.

Getty Images challenges Trillium Capital’s $4 billion buyout bid.

Getty images (GETY) Activist investor Trillium Capital said on Monday that it has launched a proposal to purchase the firm for $10 per share in cash, causing (NYSE:GETY) shares to increase by 31%.

FOUR HOT INSIDER TRADES 

A director of Enphase Energy purchases shares worth $4.6 million.

Thurman Rodgers, a director of Enphase Energy (NASDAQ:ENPH), purchased 27,900 shares, totaling $4.6 million, between $161.4549 and 164.8958.

Last week, the business released its Q1 results. Although EPS and revenues exceeded expectations, Q2/23 guidance fell short of projections. Shares fell more than 25% as a consequence on Wednesday.

Cleveland-Cliffs CEO buys shares for $1.5 million, Q1 profits surpass expectations.

Lourenco Goncalves, Chairman, President, and CEO of Cleveland-Cliffs (NYSE:CLF), purchased 100,000 shares at a cost of $1.49 million at this price.

EPS of ($0.11) beat the average forecast of ($0.20) when the business released its Q1 results last week. Revenue came in at $5.3 billion, above the $5.21 billion average projection.

Shares of Delta Air Lines (NYSE:DAL) increased by over 3% on Friday after Director David S. Taylor purchased 5,000 shares at a cost of $164,125, or $32.825 per share.

Daniel David Daniel III, a director of Domo (NASDAQ:DOMO), purchased 47,500 shares at a cost of $684,807.50.

Stocks in news

Sony (NYSE:SONY) After the Japanese electronics and entertainment conglomerate’s annual profit outlook fell short of market expectations, Sony (NYSE:SONY) Group Corp. shares dropped as much as 4.8% on Monday. However, it forecasted a 3.2% profit decline to 1.17 trillion yen ($8.55 billion) for the current fiscal year, missing the analysts’ average profit estimate of 1.275 trillion yen because it anticipates a slow recovery in the videogame unit’s profitability.

Charter Communications Inc  CHTR  Q1 profits shortfall ($6.65 vs. $7.63 est.) attributed to higher interest charges and non-operating costs; revenues of $13.7B exceed expectations of $13.62B.

Colgate-Palmolive Company CL surpasses Q1 revenue and profit targets and upgrades its annual organic sales projection from the prior range of 3%-5% to 4%-6%, relying on steady pricing increases.

ImmunoGen, Inc. IMGN announced Q1 results that exceeded forecasts thanks to revenue growth of 31% year over year to $49.9M, exceeding the $21M projection on a smaller than anticipated EPS loss.

Intel Corporation INTC  investors pay attention to the company’s efforts in turning things around as Benchmark and Wedbush both upgraded the stock and pointed out that the March quarter’s sales and earnings were higher than expected, while also giving comparable projection for the upcoming June quarter.

MONDELEZ INTERNATIONAL INC MDLZ  boosts 2023 adj eps growth to 10%+ from the previous view of high-single digit; now anticipates organic revenue growth of over 10% vs. the former forecast of 5% to 7%.

Exxon Mobil Corp XOM  reported its biggest first quarter profit ever as oil output surged from new wells. Net income more than quadrupled from a year earlier to $11.4B. average Q1 EPS of $2.83 vs. $2.59 expected; Q1 revenue of $86.5 vs. $85.4 expected.

Amazon.com, Inc AMZN  strong on good Q1 as EPS $0.31 vs est. $0.21 on revenues $127.4B against est. $124.55B; Q1 operating income of $4.8B vs previous of $0-4 bln impacted on stock (was up as high as 11% overnight on earnings).

Alteryx Inc AYX  Q2 non-GAAP EPS loss guidance (-$0.65-$0.69) vs. est. loss (-$0.42) and revenue guidance $180M-$184M under $205.1M.

Datadog Inc DDOG  declines with other cloud-related stocks as AMZN claimed that AWS revenue growth is slowing down in the current quarter as April revenue growth rates are 500 basis points lower than in Q1

First Solar Inc FSLR  posted 1Q earnings that fell short of forecasts but reiterated its FY guidance; lower 1Q was a result of the timing of module shipments and sales.

Cloudflare Inc NET  missed 1Q23 top line and guided 2Q23 and 2023 lower owing to worsening sales cycles in March. These cycles have not improved as management described them as “unprecedented,” extending 25% further from already worsening conditions leaving 4Q22.

Pinterest Inc PINS 2Q revs guide growth broadly in line with 4Q22 and 1Q23 growth; 2Q adj costs indicate increase in the low to mid-teens%.Snap Inc SNAP 1Q rev decreased 7% y/y, slightly missing forecasts due to top line headwinds caused by ad platform modifications; internal projection includes revs down 6% y/y & EBITDA of ($100MM)-($50MM).